Bitcoin has been riding a wave of positive news recently, notably breaking above $29,000 for the first time since May, possibly fueled by a series of high-profile exchange-traded fund (ETF) filings in the United States. However, it’s not just Bitcoin garnering all the attention in the market; some traditionally quiet altcoins are surging as well.
Take Bitcoin Cash (BCH), a spin-off of Bitcoin that has found it difficult to gain traction since its launch in 2017. In the past 24 hours, Bitcoin Cash has seen a remarkable 26% uptick in price, trading for over £130, per CoinGecko data. In comparison, Bitcoin, the leading cryptocurrency, has only increased by around 10% during the same period.
One possible reason for Bitcoin Cash’s price surge could be its inclusion as one of the assets offered by EDX Markets—a new exchange supported by Fidelity, Charles Schwab, and Citadel Securities. The platform, which went live just yesterday, aims to attract institutional clients by “bringing the best of traditional finance to cryptocurrency markets,” according to its CEO Jamil Nazarali. Interestingly, about a third of Bitcoin Cash trading occurs on the world’s largest crypto exchange, Binance, primarily with investors executing BCH trades using the stablecoin Tether.
Simultaneously, other lesser-known altcoins are also making a splash. Stacks (STX), the native token of the Bitcoin-adjacent Stacks blockchain, has seen its price rise by more than 19%, trading at around $0.75. Additionally, the Pepe meme coin, which launched in April and went viral, has witnessed a price spike of over 18% in the past 24 hours.
As it stands, the global cryptocurrency market cap today amounts to $1.19 trillion, a 6.5% increase in just one day. Bitcoin first crossed the $30,000-per-coin threshold in April, a first in 10 months. However, the subsequent price dips were mostly attributed to regulatory concerns, which seemingly scared away investors. The US Securities and Exchange Commission has targeted several major crypto companies this year, including Coinbase and Binance, with lawsuits.
Despite these challenges, Bitcoin now appears to be closing in on the $30,000 mark once more, trading at $29,473 at the time of writing. With the recent surge in Bitcoin and altcoins alike, this raises questions about the potential for further growth and development in the cryptocurrency market. While the increased interest in lesser-known coins reflects investors’ appetite for these assets, potential regulatory headwinds could still impact the market’s overall stability and confidence.
Source: Decrypt
